Bitcoin ETF

Bitcoin

Million

Raise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/hut-8-aims-to-raise-500-million-through-common-stock-sales/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hut 8 Aims to Raise $500 Million Through Common Stock Sales</a><br></p>
<p style="text-align: justify">Leading Bitcoin miner Hut 8 announced its goal to raise $500 million through common stock sales. The company plans to utilize the sales revenue to acquire more Bitcoin (BTC) and increase its reserves.</p>
<h2 id="hut-8-bitcoin-acquisition-plan">Hut 8 Bitcoin Acquisition Plan</h2>
<p style="text-align: justify">In a press release on Wednesday, Hut 8 emphasized its commitment to Bitcoin, the leading digital asset. The miner has developed an ATM program that will enable it to raise up to $500 million through common stock sales.</p>
<blockquote>
 <p>“Sales under the ATM program will provide opportunistic fundraising opportunities for strategic reserve assets like Bitcoin purchases.”</p>
</blockquote>
<p style="text-align: justify">The net proceeds from the program may also be directed towards working capital, debt repayments, and other general corporate expenses.</p>
<h2 id="share-buyback-program">Share Buyback Program</h2>
<p style="text-align: justify">In addition to the $500 million ATM program, Hut 8 announced a $250 million share buyback program. The Bitcoin mining firm stated that the Buyback Program is part of its capital management plan.</p>
<blockquote>
 <p>“Under the share buyback program, the company plans to repurchase approximately 4,683,936 shares at current market prices over the next 12 months.”</p>
</blockquote>
<p style="text-align: justify">Following the announcement, Hut 8’s stock price rose by 1.72% in pre-market trading, reaching $25.49.</p>
<h2 id="increase-in-corporate-btc-adoption">Increase in Corporate BTC Adoption</h2>
<p style="text-align: justify">Hut 8’s Bitcoin acquisition plan reflects growing interest from other institutional players. For instance, Michael Saylor’s firm, MicroStrategy, purchased 15,400 BTC at an average of $95,976, bringing its total Bitcoin holdings to 402,100 BTC.</p>
<p style="text-align: justify">Likewise, Metaplanet boosted its total Bitcoin holdings to 1,142.287 BTC by acquiring 124 BTC. Brokerage firms are facilitating access to traditional entities via spot Bitcoin ETF products.</p>
<p style="text-align: justify">Consequently, Hut 8’s efforts to strategically enhance its BTC reserves appear to align with overall sector trends. Increasing interest from institutional investors contributes to Bitcoin’s growing presence in financial portfolios.</p>
<p>The post <a href="https://en.coin-turk.com/hut-8-aims-to-raise-500-million-through-common-stock-sales/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hut 8 Aims to Raise $500 Million Through Common Stock Sales</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Hut 8 Aims to Raise $500 Million Through Common Stock Sales

Table of Contents

COINTURK NEWS

Other articles published on Dec 5, 2024

Altcoin Season Index Surges to Highest Level Since 2022

Bitcoin Nothing Without Government: Peter Schiff

Binance CMO Rachel Conlan to Join Fireside at Global Blockchain Show in Dubai

CFTC Secures $17.1B Amid Crypto Crackdown in 2024

Wormhole Launches Staking Rewards Program for W Holders

Bitcoin (BTC) Surpasses $100,000: Historical Peak Seen!

Join our free newsletter for daily crypto updates!